World soybean production forecast for 2021/22 improved by 6%: USDA
USDA experts forecast a 22.58 mln t increase in the global soybean harvest in 2021/22 to 385.53 mln t (2020/21 estimate: 362.95 mln t), the May USDA report data show.
Under USDA report, global soybean exports are expected at 172.9 mln t, 1.54 mln t more than analysts' forecast for 2020/21 (171.36 mln t). World soybean ending stocks in 2021/22 should increase by 4.55 mln t to 91.1 mln t.
World soybean meal production is expected at 260.32 mln t compared to 253.12 mln t in 2020/21. World soybean oil production is forecast at 62.25 mln t, 1.76 mln t above the 2020/21 forecast of 60.49 mln t.
The forecasted volumes of soybeans and products in key producing countries in 2021/22 as opposed to the 2020/21 estimate:
| Country | Soybeans, mln t | Soybean meal, mln t | Soybean oil, mln t |
| Argentina | 52 (+3) | 32.73 (+0.78) | 8.4 (+0.2) |
| Brazil | 144 (+8) | 36.97 (+0.73) | 9.18 (+0.18) |
| United States | 119.88 (+7.66) | 47.63 (+0.67) | 11.77 (+0.2) |
| China | 19 (-0.6) | 79.2 (+3.17) | 17.92 (+0.72) |
USDA in its May report put the forecast for wheat production in Ukraine in 2021/22 at 29 mln t, 14% higher YoY, and corn at 37.5 mln t, 24% above the 2020/21 estimate.
In late February crushers in Ukraine informed about soybean imports after local supplies had shrunk and domestic prices had risen.